Pantheon: seismic reprocessing, updip from Theta West-1 discovery
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Kay Cashman Petroleum News
On Feb. 17, Pantheon Resources reported it has formally commenced seismic reprocessing focused on the northwest section of the company's Kodiak project, updip from the Theta West-1 discovery well.
The Theta-West-1 well was previously reported by Wood Mackenzie as being the fourth largest discovery well globally in 2022, and the largest onshore discovery well globally in 2022.
Pantheon is performing preliminary activities for a potential Theta West-2 appraisal well, with timing and execution subject to funding, permitting, and operational considerations.
Pantheon and its wholly owned subsidiary, Great Bear Petroleum, have been operating in Alaska for over a decade where more than $350 million has been invested in building and appraising its portfolio and in 3D seismic.
Pantheon Resources is an independent oil and gas company, headquartered in Houston, focused on developing the Kodiak and Ahpun fields, a portfolio of "high-impact oil projects on the Alaska North Slope, spanning a 100% working interest across 258,000 acres."
Independently certified best estimate contingent recoverable resources currently total c. 1.6 billion barrels of ANS crude and 6.6 trillion cubic feet of associated natural gas across the properties. All acreage is on state lands with supporting regulatory authorities and no federal land use approval required (aside from U.S. Army Corps. of Engineers).
Drilling by Great Bear Pantheon and adjoining operators has highlighted the prospectivity of Pantheon's acreage, offering billions of barrels of oil and other marketable liquid potential in stacked conventional targets across multiple geological plays, Pantheon said.
Netherland, Sewell & Associates completed an independent review of the Kodiak field and provided best estimates of the oil, condensate and NGL contingent resources expected to be recovered, totaling 1.2 billion barrels. This validation in the form of an Independent Expert Report, or IER, from one of the world's most respected petroleum property analysis companies has instilled further confidence in management's modelling of the resources.
Pantheon's Ahpun and Kodiak projects are situated in a unique geographic location adjoining the underutilized export and transport infrastructure for Alaska North Slope oil and gas activities. These assets are immediately underneath and adjacent to the Trans Alaska Pipeline System, or TAPS, the main oil line and the Dalton Highway. The proposed Alaska LNG natural gas project is planned to run adjacent to TAPS and will similarly cross through Pantheon's projects.
These discoveries have led the Group into a new phase in its corporate strategy, which will see Pantheon transitioning towards the development of these resources with near term focus on the Ahpun field, which has the advantage of being located immediately adjacent to and underneath both TAPS and the Dalton Highway and which targets first production by the end of 2028, while continuing to firm up estimates of the Kodiak field's resource base through further appraisal.
--KAY CASHMAN
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